Luxury comes before family, Aviva

The 32-page report discovered that while 50 per cent of families were happy to pay for a satellite television package, just 40 per cent have life insurance.

Aviva’s research also found families are more likely to have insurance for their mobile phone, than for critical illness.

It showed that while 13 per cent would take out an extended warranty on electrical items, only 10 per cent have taken out income protection.

More than a quarter, 27 per cent, of families admitted they would not want to discuss their debts with their family, and 24 per cent would not even discuss their general finances. The only topic that makes families more uncomfortable than finances was ‘sex.’

Asked about what their financial prioritise were for 2012, 39 per cent said they would be cutting back on spending, while 35 per cent said it would be paying off their debts.

Louise Colley, head of protection sales and marketing for Aviva, said: “No-one likes to dwell on poor health or mortality, but by denying that illness - or worse - is even a possibility, people are stopping themselves putting measures in place to protect their loved ones.

“Too many people assume that someone else will step in and look after their families if they weren’t there to provide for them, but the reality is very different.

“People need to ask themselves just how they would pay for their accommodation, their food, and all the other costs of living, should they suddenly lose an income.

“While no-one likes to think about ‘what ifs’, by not even considering these scenarios, people could be putting the future financial security of their families at unnecessary risk.

“So many customers report feeling ‘peace of mind’ when they take out life cover, knowing their affairs are in order, so we’d urge families to overcome their taboos and put protection in place.”